Core Viewpoint - Frontier Biopharmaceuticals announced the successful achievement of the granting conditions for its 2025 restricted stock incentive plan, allowing the company to proceed with the allocation of restricted stocks to selected incentive targets [1] Group 1 - The company held its fourth board meeting on December 11, 2025, where it approved the proposal to grant reserved restricted stocks under the 2025 incentive plan [1] - A total of 750,000 restricted stocks will be granted at a price of 8.56 yuan per share to four incentive targets [1] - The granting date for the restricted stocks is set for December 11, 2025, following the authorization from the company's second extraordinary general meeting of shareholders in 2025 [1]

证券代码：688221 证券简称：前沿生物 公告编号：2025-048 前沿生物药业（南京）股份有限公司 关于第四届董事会第九次会议决议的公告 表决结果：7 票同意，0 票弃权，0 票反对。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 前沿生物药业（南京）股份有限公司（以下简称"公司"）第四届董事会第 九次会议通知于 2025 年 12 月 6 日以通讯方式送达全体董事。会议于 2025 年 12 月 11 日在公司会议室以现场结合通讯的方式召开。会议由董事长 DONG XIE（谢 东）先生主持，会议应到董事 7 人，实到董事 7 人，公司高级管理人员列席了会 议。会议的召集、召开程序和方式符合《中华人民共和国公司法》等法律法规以 及《公司章程》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 1、审议通过《关于向 2025 年限制性股票激励计划激励对象授予预留限制 性股票的议案》 根据《上市公司股权激励管理办法》《公司 2025 年限制性股票激励计划（草 案）》（以下简称 ...

格隆汇12月11日丨前沿生物(688221.SH)公布，公司于2025年12月11日召开的第四届董事会第九次会 议，审议通过了《关于向2025年限制性股票激励计划激励对象授予预留限制性股票的议案》，确定2025 年12月11日为授予日，以8.56元/股的授予价格向4名激励对象预留授予75.00万股限制性股票。 ...

Group 1 - The core point of the article is that Frontier Bio (SH 688221) announced a board meeting to discuss the granting of reserved restricted stocks under the 2025 restricted stock incentive plan [1] - For the year 2024, Frontier Bio's revenue composition is 97.13% from the pharmaceutical manufacturing industry and 2.87% from other businesses [1] - As of the report date, Frontier Bio has a market capitalization of 7.6 billion yuan [1]

北京国枫律师事务所 法律意见书 关于前沿生物药业（南京）股份有限公司 2025 年限制性股票激励计划预留授予事项的 国枫律证字[2025]AN147-3 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于前沿生物药业(南京) 股份有限公司 2025 年限制性股票激励计划预留授予事项的 国枫律证字|2025|AN147-3号 致: 前沿生物药业(南京) 股份有限公司 根据本所与前沿生物签订的律师服务协议,本所接受前沿生物的委托,担任 前沿生物本次激励的专项法律顾问。根据《公司法》《证券法》《管理办法》《上 市规则》等法律、法规、规章、规范性文件及《公司章程》的有关规定,本所律 师已出具了《北京国枫律师事务所关于前沿生物药业(南京)股份有限公司 2025 年限制性股票激励计划(草案)的法律意见书》《北京国枫律师事务所关于前沿 生物药业(南京) 股份有限公司 2025 年限制性股票 ...

格隆汇12月11日丨前沿生物(688221.SH)公布，公司于2025年12月11日召开的第四届董事会第九次会 议，审议通过了《关于向2025年限制性股票激励计划激励对象授予预留限制性股票的议案》，确定2025 年12月11日为授予日，以8.56元/股的授予价格向4名激励对象预留授予75.00万股限制性股票。 ...

Group 1 - Haichuang Pharmaceutical increased by over 10% [1] - Frontier Biotech rose by over 8% [1] - Yuekang Pharmaceutical, Rejing Biotech, Huisheng Biotech, and Zhongsheng Pharmaceutical also experienced gains [1]

Group 1 - The core viewpoint of the article is the introduction of the "1+9" industrial development support policy in Chengdu's Jinniu District, aimed at providing substantial financial support to enterprises and stimulating operational vitality [1] - The "1+9" policy includes a main policy document and nine specific policies targeting advanced manufacturing, technological innovation, urban cultural tourism, commerce, healthcare, and rail transit [1] - High-intensity support is provided for cutting-edge sectors and strategic emerging industries, with rewards of up to 48 million yuan for biopharmaceutical research and up to 10 million yuan for quantum technology projects [1] Group 2 - The policy enhances the "no application, immediate enjoyment" ratio, allowing companies to receive funds directly without the need for proactive applications, with significant rewards for new stores [1] - The policy also encourages industrial clustering, offering rewards for industrial parks that gather more than ten rail transit companies and for projects recognized at the municipal level [2]

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology industry [1]. Core Insights - The overseas small nucleic acid market is entering a harvest period, with a focus on domestic companies such as Yuyuan, Frontier, and Fuyuan [1][16]. - The A-share pharmaceutical index has increased by 2.67% this week and 16.72% year-to-date, outperforming the CSI 300 by 1.03% and 1.68% respectively [4][9]. - The report highlights significant advancements in small nucleic acid drug technologies, expanding their application beyond rare diseases to chronic conditions such as cardiovascular diseases and metabolic disorders [16][18]. Summary by Sections Industry Trends - The report notes that various pharmaceutical sectors, including raw materials (+4.27%), chemical pharmaceuticals (+4.19%), and medical devices (+2.30%), have seen stock price increases [4][9]. - Key companies with notable stock performance include Haiwang Biological (+38.2%) and Guangdong Wannianqing (+36.2%) [4][9]. Research and Development Progress - Significant drug approvals include the self-immune new drug "Pikangqibai" by Innovent Biologics and the BCL2 inhibitor "Sotokura" by BeiGene, both of which have received regulatory approval [4]. - The report emphasizes the importance of delivery systems in the development of small nucleic acid drugs, with a focus on companies like Yuyuan Pharmaceutical and Frontier Biotech [16][18]. Market Insights and Regulatory Dynamics - The report ranks promising sub-industries as follows: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [10][12]. - Specific stock recommendations include Yuyuan Pharmaceutical, Frontier Biotech, and Heng Rui Medicine among others, based on their innovative drug pipelines and market potential [12][18].

Core Viewpoint - The chemical pharmaceutical sector experienced a rise of 1.66% on November 26, with Frontier Biotech leading the gains, while the overall Shanghai Composite Index fell by 0.15% [1]. Group 1: Stock Performance - Frontier Biotech (688221) closed at 20.20, up 12.85% with a trading volume of 455,500 shares and a transaction value of 916 million yuan [1]. - Yuyuan Pharmaceutical (688658) closed at 26.88, up 12.00% with a trading volume of 218,600 shares and a transaction value of 577 million yuan [1]. - Fuyuan Pharmaceutical (6801089) closed at 24.53, up 10.00% with a trading volume of 113,800 shares and a transaction value of 274 million yuan [1]. - Other notable performers include Guangji Pharmaceutical (000952) with a 9.99% increase and Beida Pharmaceutical (000788) with a 9.94% increase [1]. Group 2: Fund Flow Analysis - The chemical pharmaceutical sector saw a net inflow of 43.08 million yuan from institutional investors, while retail investors contributed a net inflow of 23.8 million yuan [2]. - The sector experienced a net outflow of 281 million yuan from speculative funds [2]. - Key stocks with significant fund flows include Heng Rui Pharmaceutical (600276) with a net inflow of 231 million yuan from institutional investors [3]. Group 3: Individual Stock Fund Flow - New China Pharmaceutical (000756) had a net inflow of 68.2 million yuan from institutional investors, while experiencing a net outflow of 21.7 million yuan from speculative funds [3]. - Fuyuan Pharmaceutical (601089) saw a net inflow of 67.6 million yuan from institutional investors, with a net outflow of 39.4 million yuan from speculative funds [3]. - Other stocks like Beibete (688759) and Yuyuan Pharmaceutical (688658) also showed varying levels of net inflows and outflows from different investor categories [3].